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Catching Big Waves - a trader's journal of surfing the the markets
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Catching Big Waves - a trader's journal of surfing the the markets

  #2811 (permalink)
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josh View Post
Boring is the most fitting word I can imagine. Profit or loss... volume was at the very low end of the last 20 trading days, range was okay, but the market was being manipulated in ways that one can only be observed by watching the tape the whole day. It was not well behaved, and it was not convincing, this move up. Profits could be made, and I had pretty good risk-adjusted returns, even shorting, though I could have done better.

"Why would a fool short on a day like today?" one might ask, looking at a stale, static, lifeless chart at the end of the day. It could be any number of things: inexperience, general foolishness, or maybe I'm just way early. I am not from "always buy if the market is above the 20ema" (or insert some other criteria here) school. Maybe one day I'll come to the conclusion that this is the most wise school to be in. But the bottom line is, the market was not a convincing buy all day long for me, except at the open, when I did buy and had a pretty good trade, and around lunch when I was closing out shorts and thus not prepared to switch to long mode yet. I am also not from the "patterns and geometry" school though I do respect the validity of those who use these methods. Your pesavento chart looks like gibberish to me, but it's only because I am not trained in this, nor do I wish to be. This type of analysis imposes a structure on the market which I believe the market has no interest in adhering to, and thus I believe has no logical basis. I cannot trade this way and will never be good at this kind of thing, because I do not believe in it. And at the end of the day, isn't belief in our own ability really the most important factor for any method of trading, for without belief, we will not execute?

I am afraid plenty of people believe these patterns work, including billion dollar hedge funds that used to employ Larry pesavento and his pattern recognition skills. I was interested in pointing out that even in dull markets (rangy conditions, which exist more often than trendy conditions), patterns are discernible.

This however, seems gibberish to you. I wasn't looking for an explanation of how you trade, why you trade or your beliefs, but simply if you observed anything in that chart. Your response is odd. Pesavento patterns are merely Fib numbers and their factors and ratios graphically tied together, nothing more. I am not looking for your judgement, but your participation or your input. I was mistaken.

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  #2812 (permalink)
Elite Member
San Diego, Miami & On the lake (Summer)
 
Futures Experience: Advanced
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Pesavanto #'s/lines lag and are shown after the fact; of that we can all agree.

Hola Josh! This is a pretty good thread and so is the 'spoo' thread.

Was it in this thread someone wrote Ensign is good?

Sierra Charts are great and rock-solid stable as well.

NT gets better every year and is nothing like Tradestation was back in the day (I am NOT a programmer).

I learned how to swingtrade 3 decades ago with line & graph paper; I'll take today's software any 'ol day.

Looking for some more volatility today in CL. I wonder when 'cleanse' boy will be around today trading from his hotel room!



peace

hedvig


Last edited by researcher247; June 6th, 2012 at 08:28 AM.
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  #2813 (permalink)
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GaryD View Post


First line resistance for CL should be found around 85.30 - 85.80, although it could take an overlapping path to get there, if it does. But I am anticipating a break above the high overnight.

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  #2814 (permalink)
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I have no meetings, slept in this morning until 8am, which is very unusual for me. Th cleanse I am taking has me feeling off.

I am not really completely awake for the CL open, and EIA is today, so going to have a slow start.

 
  #2815 (permalink)
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Missed it.

 
  #2816 (permalink)
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Now I am not sure. Near term support may be around 84.60... going to see what 9:30am brings.

 
  #2817 (permalink)
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I was in a 3 contract short, but staggered in, then staggered back out for net -3

 
  #2818 (permalink)
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VERY happy I staggered out.

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I was short around 85.10 - 85.20. It gave me just enough of a move back to start exitting in a controlled manner. Stop was around 85.45, above the highest black bar

 
  #2819 (permalink)
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86.40 and 87.00 are what I am watching. CL trying to poke it's head above resistance

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  #2820 (permalink)
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I just lost all minute based historical data. Tried reconnecting, nothing. I can use futures.io (formerly BMT) chart images for reference I guess...Not sure, that may put me out.


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